Asian stocks gained on Friday as investors took heart from U.S. President Donald...
SYDNEY/TOKYO - Asian stocks gained on Friday as investors took heart from U.S. President Donald Trump saying trade talks with China were “moving right along”, and U.S. oil prices sat near 2-1/2-month highs after OPEC and other producers agreed to cut output.
Australian shares rose 0.4% and South Korea’s Kospi climbed 0.9%, while Hong Kong’s Hang Seng gaining 0.7%. Uncertainties over a deal have pushed some investors to the sidelines in recent sessions, while nervousness before the release of U.S. non-farm payrolls data later in the day could also curb market liquidity.
The put-to-call ratio of Japan’s Nikkei stood at 2.0, its highest level on record, according to Refinitiv data, which dates back to June 2012. “The cut of an extra 500,000 barrels a day was not priced into the market, so the cut will be positive for the market if it is carried out,” said Tatsufumi Okoshi, senior commodity economist at Nomura.
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